Marketing in the Metaverse

• Written by The Phoenix Staff

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One of the biggest new topics in the marketing world is the Metaverse, a concept understood to create relationships between people using augmented reality (also known as AR, where sensory elements such as sounds are used to simulate another environment) and virtual reality (VR, where an individual or group of individuals use a headset in order to “enter” the virtual space). The idea is that it will be a space where a virtual community can socialize, work, game, and create secure transactions that transcend our virtual and real lives.

Though the idea of the metaverse and where it’s headed is still evolving, it is a treasure trove of opportunity. With an estimated market revenue of $58.5 billion in 2021, JP Morgan predicts that it will grow to be worth over $1 Trillion the companies such as Microsoft, Facebook, and Epic Games have all raised millions of dollars to fund their own Metaverse.

The uniqueness of the metaverse is its conversion of real life with the virtual world. In it, you can buy things virtually, like say a soda or limited edition sneakers from Nike. In theory, some things can be converted back into non-virtual currency or traded for real, physical items. This leaves a huge space for marketers that understand the metaverse world. As brands such as Nike, Starbucks, Coca-Cola, and even Ferrari are beginning to work their way into the metaverse, now is the time for marketers to investigate the space and learn more about how marketing in a more immersive experience changes the requirements for consumer engagement.